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The Czech Currency – The Koruna

The Czech Republic is part of the EU. But it has not adopted the Euro. Nobody knows for sure when Czech will adopt the Euro or even if it ever will. The currency in the Czech Republic is the Koruna, also known as Korun and abbreviated as CZK.

Quickly Convert Dollar/Pound into Koruna

Since I am from Canada I know the Canadian dollar exchange rate very well. And I can quickly convert from Canadian dollars to Czech Koruna. Because the US Dollar and the Euro are very close to the Canadian dollar, for a quick estimate of price, my formula will work for you if you are from EU or USA or Canada.

Basically 1 CDN/US/EUR = 20 CZK (approx). So all you need to do is remove the last digit and then divide by 2. For example, if something is 500 CZK, you remove the last digit (0) and divide by 2. 500 CZK= 25 CDN/US/EUR (approx).

This method is good enough for getting a quick estimate of price. For example, when the Taxi driver extends out his hand and asks for 800 CZK you can quickly estimate that it is around 40 US$.

To Exchange Your Money There Are Three Options

Exchange Before You Leave Home

This is the safest way. Arriving in Prague you will have bills in hand ready for anything. No stress, no pain.

But there are drawbacks. You will receive a poor exchange rate. The Koruna is a not an international currency and banks outside of the Czech Republic do not hold it in abundance. So they will charge you for the convenience. Secondly, you will need to carry around all that cash. If you lose your wallet, your bag, or your pants, the money is gone.

Exchange When You Arrive in Czech Republic

This is an option if you have a popular currency like the US dollar or Euro. With these major currencies you will receive a favorable exchange rate. But if you come with Somalia Shillings then you could be out of luck. Better exchange that in your home country. The only piece of advice I would give is: do not exchange your money at the airport – they do not have competitive rates. Wait until you get into Prague center where there is competition amongst currency exchanges and so offering a fairer rate.

Amazingly there is a problem with tourists getting ripped off from people exchanging currency in the streets. Don't echange your money with strangers on the street. I find this obvious - if a stranger walks up to you and offers you to exchange currency walk away. Go to a real currency exchange to exchange your money.

Use a Bank Machine When You Arrive In Prague

This is my preferred method. After many years of traveling around I found that in the end this method is the best. No need to worry about getting the exchange done before you leave, deciding how much to exchange and then running out of money anyway.

You arrive, find a bank machine and take out just enough for the next few days. That way you do not need to carry a whole wad of cash, you do not need to compare rates, and you will not be left with foreign currency if you overestimate.

Of course the drawback is that you are not getting the best rate. And there is usually a service charge for using a foreign bank machine. For me, with a Canadian bank account, the service charge is $5.00 Canadian. If I take out enough money for a couple of days then $5.00 is a small price to pay for the convenience. With this method you can travel anywhere without ever having to think about currency exchange again.  By using bank machine and paying a $5.00 fee you are suddenly in a world with one currency.

Am I Being Helpful?

I hope you find this website helpful. I created the website because I love Prague, I enjoy writing about it, and I get a weird kick out of helping you make your trip to Prague more enjoyable.

I wrote a book about local travel in Prague. The book is my pride, my joy, my unbiological offspring. It was written with a passionate heart. If you find this website helpful consider reading my book. You will receive an entertaining book full of useful tips that will instil in you the confidence to wander the local streets of Prague. The book is also included in the popular Prague Local Explore Kit Bag.

Thank you,
Roman : Prague 2017

Prague Local Travel Book